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Tag Archive for American Opportunity Credit

Tax Breaks For College Expenses 2017

If you’re a college student (or the parent of one), you should know about some key tax breaks that are available to you when you do your taxes.

Tax Credits

There are two tax credits for higher education. They’re targeted at different types of students, so it pays to know the differences. Read more

Tax Credits For Education Expenses—Part I: The American Opportunity Credit (AOC)

Harold Goedde

This article explains the nature of and eligibility rules, who can claim the credit, qualifying expenses, the amount and limitations, and how to report them on form 1040 and supporting schedules.

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Tax Incentives for Higher Education

The tax code provides a variety of tax incentives for families who are paying higher education costs or are repaying student loans. You may be able to claim an American Opportunity Credit or Lifetime Learning Credit for the qualified tuition and related expenses of the students in your family who are enrolled in eligible educational institutions. Read more

Claiming The American Opportunity Credit

This is a very valuable credit for students who are pursuing a first degree in college. You can claim this credit for yourself, your spouse, or any dependent that you claim on your tax return.

It is very important to note that the American opportunity credit can be claimed ONLY for the first four years of post-secondary education for each eligible student. This means, then, that this credit is applicable only to college students who are in their freshman, sophomore, junior, and senior years. This credit is therefore not available to post-grad students.

To be eligible to claim the American opportunity credit, the following conditions Read more